Parliamentarians want enquiry over MSB sale


Opposition Members of Parliament (MPs) Thursday proposed that there should be an enquiry into the sale of Malawi Savings Bank (MSB) and how the money that was obtained was used.

MP for Lilongwe Mpenu Eisenhower Mkaka moved a motion on October 3, 2019 in the house that the Minister of Finance, Economic Planning and Development should give a full report on the sale of the bank.

The motion was also brought to the attention of the house yesterday.


“[There needs to be enquiry] considering that the nation has, since July 3, 2016 when MSB was hurriedly sold, not received any official report on use of proceeds of sale of MSB, Indebank and the attendant toxic assets… And the allegation that the proceeds, or part thereof, of the MSB and Indebank sale have been invested in a new company called the Malawi Agriculture and Investment Corporation (Maic),” reads part of the motion.

During debate on the matter, Mzimba North legislator Yeremia Chihana told the house that he has evidence regarding where the money from the sale went.

“I will disclose the accounts and where the money moved, and I am also going to give the file for the whole of the late Bingu Wa Mutharika estate to Parliament. I have information now and I will give this house tomorrow morning soft copy and original copy,” Chihana said.


His comments did not go down well with MPs from government benches who requested Chihana to bring evidence of his allegations in the house. Speaker of Parliament Catherine Gotani Hara then ordered that Chihana should bring evidence in the house on the matter and also evidence that may show that the two issues are linked.

Mulanje Bale MP Victor Musowa also expressed disappointment regarding the manner saying it is “evil minded” to talk ill of the dead.

Later, in an interview, Dowa East legislator Richard Chimwendo Banda said there is need for the Public Accounts Committee of Parliament to make an enquiry into the matter.

“From last year, we have been asking about the proceeds of MSB and there is nothing. Yesterday, we were told that there is K11 billion that the government is keeping, now this year again the government has launched yet another bank to promote farmers.

“This bank is looking for loans and we are asking why can’t the government take the same amount of money and invest in this bank,” he said.

Debate on the matter failed to continue after tea break because the mover of the motion Mkaka was not in the house the time the house reconvened.

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